Ask HN: How can we destroy crypto currencies? | Hacker News Reader

Ask HN: How can we destroy crypto currencies?

1 pointFrojoS2 comments

By now a lot of people here think, that crypto currencies like Bitcoin have more down than upsides [1].

So then the question arises: Is it possible to 'Put the Genie back in the bottle'?

Some ideas to kick things off:

1) Legislation. A) Make it illegal to use these currencies. If enough countries are enable to enforce it, the value of the currencies plummets. B) Global ban on mining. Might be easier to enforce if all countries agree. C) State sponsored attacks. This might be very expensive and waste a lot of energy, but could destroy existing currencies and create a deterrent against new ones.

2) Grassroot attacks A) Exploits? Seems unlikely at this point. B) Shorts?

Looking forward to a lively discussion!

[1] For me the downsides are mainly: 1) Huge waste of energy, in the ballpark of world wide air traffic. 2) Not fiat money. It's a feature, but a problematic one if these currencies become a substantial part of the existing money. Devaluing money by printing is an important economic tool for governments. In a democracy Bitcoin and co. take this control away from us.

You cannot "destroy" crypto currencies. How do you destroy something that doesn't physically exist? However, if your goal is to reduce the use of cryptos then you might have some options: Probably the most effective approach would be to eliminate the incentive that lead to their use: The primary reason to use crypto currencies is to 'hedge' against violence. If a robber attacks me in the street and steals my wallet they will get the cash in it. But if my money is in crypto, even if they kill me, they will still end up empty handed! This reduces dramatically the RETURNS on being violent. So much so in fact, that Bitcoin alone rendered all weapons, knives, guns, ballistic missiles, etc. obsolete! That's why those who are attached nostalgically or financially to these antiquated systems are so much against cryptos. Bitcoin and crypto currencies provide an opportunity for peace and prosperity that we have probably never experienced in human history. So, to answer your question: In order to make cryptos "go away" you would have to find an alternative solution to make either violence, or violent, disgusting people disappear. And I haven't found any alternative solution yet. Do you know something?

As a sidenote: I find your use of 'we' and 'us' highly confusing. Who is 'we'?? And why did you not specify more precisely who you are talking about? Would love to see your reply! Greets :D

Could this not be reframed, rather, more as in "how do we evolve to digital currencies that address these (valid) issues?"

Alternatives in the digital currency space exist and are being created every day by a variety of stakeholders and individuals.-

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